Economy grows at 5.7 pct pace, fastest since 2003

WASHINGTON (AP) – The economy grew for a second straight quarter from October through December, posting a 5.7 percent annual rate, the fastest pace since the third quarter of 2003.

The Commerce Department report is the strongest evidence to date that the worst recession since the 1930s ended last year, though an academic panel that dates recessions has yet to officially declare an end to it.

The two straight quarters of growth last year followed a record four quarters of economic decline. Still, the growth at the end of last year was primarily fueled by companies refilling depleted stockpiles, a trend that will soon fade.

The report also provides an upbeat end to an otherwise dismal year: The nation’s economy declined 2.4 percent in 2009, the largest drop since 1946.